Remote Patient Monitoring Device Market 2022
The global Remote Patient Monitoring Device Market is likely to jump the innovation gun by reaching US$ 1,502.9 Million by the year 2024 end. The CAGR would be 6.7%. With mental health being the prerogative, there is telepsychiatry in place. It has been a proven fact that physical ailments would get cured speedily if the psyche is in place. With geographical barriers getting transcended, telephychiatry would be an indispensable part of the healthcare vertical. This would be the fact pertaining to healthcare vertical in future.
Remote patient monitoring is gaining popularity owing to the increase in chronic diseases and aging population. In the traditional healthcare setting all the data collected is lost as soon as the patient leaves the hospital and it is only found when a patient visits again. However, remote patient monitoring device helps in collecting the data and share it even from a remote location outside hospital or clinic. The concept of telemedicine is also gaining momentum. It allows remote diagnosis and treatment of patients using a telecommunication device, this reduces cost substantially and offers care with comfort.
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The manufacturers of remote patient monitoring devices are also focusing on research and development activities and increasingly investing in the same. This is being done to improve the remote patient monitoring device currently offered and also decrease the high cost of devices. Companies are also looking forward to come-up with a mobile application for remote patient monitoring, thereby, eliminating the need to spend on costly hardware.
Manufacturers are developing cardiovascular and respiratory devices with increasing people suffering from various heart and breathing diseases. Hence, portable device monitoring heart rate and blood pressure. Sensor-based devices monitoring oxygen levels and to monitor medication usage are also being provided.
As per the report published by Persistence Market Research, the global remote patient monitoring device is likely to witness a significant growth during the forecast period 2017-2024. The global remote patient monitoring devices market is projected to surpass US$ 1000 Million revenue by the end of 2024.
- Boston Scientific Corporation
- Royal Philips NV
- Abbott Laboratories
- Nihon Towards Corporation
- F. Hoffmann-La Roche Ltd.
- LifeWatch AG
- St. Jude Medical
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Cardiac Monitors to Witness the Highest Sales in the Global Market
Based on the product type, cardiac monitors are likely to witness the highest sales during 2017-2024. In terms of value, cardiac monitors are estimated to reach close to US$ 800 Million by 2024 end.
On the basis of indication, cardiac arrhythmia is expected to see a significant growth throughout the forecast period 2017-2024. Cardiac arrhythmia is projected to exceed US$ 300 Million revenue by the end of the forecast period. Meanwhile, ischemic diseases are also likely to see impressive growth in the global market for remote patient monitoring devices.
By the end user, hospitals followed by homecare setting are likely to experience a robust growth during 2017-2024. By the end of 2024, hospitals as the end users are projected to bring in nearly US$ 700 Million revenue.
North America to Lead the Global Remote Patient Monitoring Devices Market
North America is expected to remain dominant in the global market for remote patient monitoring devices during 2017-2027. By 2027 end, North America is likely to surpass US$ 500 Million in terms of revenue. The U.S. is one of the largest countries in the region for remote patient monitoring devices. Technological advancements and the growing need for comfort is driving the demand for home-based monitoring devices.
According to the report from American Heart Association, more than 80 million Americans have high blood pressure and more than 90 million Americans carry a diagnosis of cardiovascular diseases. Hence, the demand for remote patient monitoring devices is gaining traction in the region.
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Key Questions Answered in the Remote Patient Monitoring Device Market Report
How is the Remote Patient Monitoring Device Market expected to grow over the projected period?
What direction is the Remote Patient Monitoring Device Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Remote Patient Monitoring Device Market in future?
What are the key market drivers in the Remote Patient Monitoring Device Market?
What are significant opportunities and improvement areas for Remote Patient Monitoring Device Market manufacturers?
What are the key developments and trends taking over the Remote Patient Monitoring Device Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Remote Patient Monitoring Device Market?
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